prepare a statement of income

Fall Bake Shop started operating on January 1, 2020. Provided below is the adjusted trial balance for two years. Fall Bake Shop Corporation Adjusted Trial Balance December 31 2021 2020 Debit Debit Credit 7.100,000.00 819,500.00 Credit 6.700,000.00 807,300.00 2,328,300.00 2.116.700.00 140,000.00 1,400,000.00 1.000.000,00 800,000.00 46,570.00 70,000.00 700,000.00 500,000.00 400,000.00 42,330.00 3,500,000.00 588,370.00 3.500.000,00 22,138,550.00 5% Preference share capital, P100 par Accounts payable Accounts receivable Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building Cash Cooking equipment Cost of goods sold Deficit Depreciation expense building Depreciation expense-office equipment Depreciation expense - store equipment Dividends payable Doubtful accounts Finished goods inventory Freight-out Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense Interest income Land Loss due to fire Notes payable, due on December 31, 2021 Office equipment 3,500,000.00 99,860.00 3,500,000.00 21,972,168.00 4,070,480.00 70,000.00 500,000.00 400,000.00 0.00 70,000.00 500,000.00 400,000.00 ? ? 4,240.00 1,374,912.00 1,355,100.00 000 42,330.00 1,354,320.00 1,231,900.00 000 0.00 0.00 271,020.00 96,000.00 246,380.00 60,000.00 100,000.00 20,000.00 3,000,000.00 500,000.00 2.400,000.00 0.00 800,000.00 500,000.00 2,500,000.00 2,500,000.00 2021 11.290.00 135.510.00 2020 10,270.00 123.190.00 10,000,000.00 9,400,000.00 45.170.00 954,800.00 41.060.00 940,500.00 240,000.00 210,000.00 2,032,650.00 1,355,100.00 1,847,850.00 1,231,900.00 141,200.00 27,940,000.00 128,300.00 25,400,000.00 279,400.00 558,800.00 254,000.00 508,000.00 Office supplies Office supplies expense Ordinary share capital, PS par Prepaid insurance Raw materials inventory Rental income Salaries and wages of admin employees Salaries and wages of sales agents Salaries payable Sales Sales discounts Sales returns and allowances Share Premium - Ordinary Share Premium - Preference Store equipment Store supplies Store supplies expense Subscribed ordinary share capital Subscribed preference share capital Subscription receivable - Ordinary Subscription receivable. Preference Treasury Shares at cost, ordinary Treasury Shares at cost, preference Work in process inventory 1,500,000.00 1.065,000.00 1.410,000.00 1,005,000.00 2,000,000.00 22.590.00 271,020.00 2.000.000.00 20,530.00 246,380.00 2.000.000,00 500,000.00 1.880,000.00 1,340,000.00 800,000.00 200,000.00 160.000.00 78,100.00 1.145.760.00 752,000.00 536,000.00 150.400.00 73.700.00 1,128,600.00 Totals 55,592,270.00 55,592,270.00 50,512,930.00 50,512,930.00 Additional information: 1. Inventories as of January 1 Raw materials inventory Work in process inventory Finished goods inventory 2021 572,000.00 765,000.00 1.800.000.00 2020 520,000.00 850,000.00 1.500.000,00 2. Cost of Goods Sold related expenses 2021 2020 Purchases 9.548,000.00 9,405,000.00 Freight-in 477,400.00 470.250.00 Purchase returns and allowances 190.960.00 188,100.00 Direct Labor 5,671,000.00 5.781,100.00 Factory Overhead (including the depreciation expense for the cooking equipment) 6,805,200.00 6,937,300.00 3. Preference shares are cumulative and non-participating. Dividends were declared last December 25, 2020, and was distributed to shareholders last January 20 2021 800,000.00 Dividends were declared last December 28, 2021, and for distribution to shareholders on February 1, 2022 1,000,000.00 Fall Bake Shop started operating on January 1, 2020. Provided below is the adjusted trial balance for two years. Fall Bake Shop Corporation Adjusted Trial Balance December 31 2021 2020 Debit Debit Credit 7.100,000.00 819,500.00 Credit 6.700,000.00 807,300.00 2,328,300.00 2.116.700.00 140,000.00 1,400,000.00 1.000.000,00 800,000.00 46,570.00 70,000.00 700,000.00 500,000.00 400,000.00 42,330.00 3,500,000.00 588,370.00 3.500.000,00 22,138,550.00 5% Preference share capital, P100 par Accounts payable Accounts receivable Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building Cash Cooking equipment Cost of goods sold Deficit Depreciation expense building Depreciation expense-office equipment Depreciation expense - store equipment Dividends payable Doubtful accounts Finished goods inventory Freight-out Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense Interest income Land Loss due to fire Notes payable, due on December 31, 2021 Office equipment 3,500,000.00 99,860.00 3,500,000.00 21,972,168.00 4,070,480.00 70,000.00 500,000.00 400,000.00 0.00 70,000.00 500,000.00 400,000.00 ? ? 4,240.00 1,374,912.00 1,355,100.00 000 42,330.00 1,354,320.00 1,231,900.00 000 0.00 0.00 271,020.00 96,000.00 246,380.00 60,000.00 100,000.00 20,000.00 3,000,000.00 500,000.00 2.400,000.00 0.00 800,000.00 500,000.00 2,500,000.00 2,500,000.00 2021 11.290.00 135.510.00 2020 10,270.00 123.190.00 10,000,000.00 9,400,000.00 45.170.00 954,800.00 41.060.00 940,500.00 240,000.00 210,000.00 2,032,650.00 1,355,100.00 1,847,850.00 1,231,900.00 141,200.00 27,940,000.00 128,300.00 25,400,000.00 279,400.00 558,800.00 254,000.00 508,000.00 Office supplies Office supplies expense Ordinary share capital, PS par Prepaid insurance Raw materials inventory Rental income Salaries and wages of admin employees Salaries and wages of sales agents Salaries payable Sales Sales discounts Sales returns and allowances Share Premium - Ordinary Share Premium - Preference Store equipment Store supplies Store supplies expense Subscribed ordinary share capital Subscribed preference share capital Subscription receivable - Ordinary Subscription receivable. Preference Treasury Shares at cost, ordinary Treasury Shares at cost, preference Work in process inventory 1,500,000.00 1.065,000.00 1.410,000.00 1,005,000.00 2,000,000.00 22.590.00 271,020.00 2.000.000.00 20,530.00 246,380.00 2.000.000,00 500,000.00 1.880,000.00 1,340,000.00 800,000.00 200,000.00 160.000.00 78,100.00 1.145.760.00 752,000.00 536,000.00 150.400.00 73.700.00 1,128,600.00 Totals 55,592,270.00 55,592,270.00 50,512,930.00 50,512,930.00 Additional information: 1. Inventories as of January 1 Raw materials inventory Work in process inventory Finished goods inventory 2021 572,000.00 765,000.00 1.800.000.00 2020 520,000.00 850,000.00 1.500.000,00 2. Cost of Goods Sold related expenses 2021 2020 Purchases 9.548,000.00 9,405,000.00 Freight-in 477,400.00 470.250.00 Purchase returns and allowances 190.960.00 188,100.00 Direct Labor 5,671,000.00 5.781,100.00 Factory Overhead (including the depreciation expense for the cooking equipment) 6,805,200.00 6,937,300.00 3. Preference shares are cumulative and non-participating. Dividends were declared last December 25, 2020, and was distributed to shareholders last January 20 2021 800,000.00 Dividends were declared last December 28, 2021, and for distribution to shareholders on February 1, 2022 1,000,000.00